The research problem is based on determining the role and significance of the procurement market research within the procurement management process. The research objectives include determining the role and significance of market research within the procurement process, analysing the ways and forms of procurement market research on the example of several companies, DT-Mont d.o.o., Hercom d.o.o. and Hotel Park, as well as giving the guidelines for further actions based on gained insights. For this purpose, three companies from three different industries have been investigated in order to find out the importance that companies attach to procurement market research process and whether they apply satisfactory methods and forms of procurement market research. The results of the research have shown that companies rely mostly on the recommendations, Internet, and trade fairs. Also, the major focus is on researching the competition that has direct impact on the creation of competitive advantage in the area of procurement management. At the end of the paper, the concluding considerations, the limitations of the research, as well as the proposals for future research activities are presented.